"In the previously-issued Policy Statement on Enforcement, the Commission instructed Enforcement staff to release annual statistical reports summarizing our enforcement activities for the preceding year to provide additional transparency to the public regarding staff's Enforcement work. In order to further the Commission's Strategic Plan, Enforcement staff has gathered information about market behavior, market participants, and market rules to support the Commission in meeting its obligation to oversee regulated markets and will work to bring entities into compliance with the applicable statutes, Commission rules, regulations and tariff provisions. The report issued today provides transparency regarding how the Office of Enforcement supports the Commission in this goal. Enforcement staff has done a significant amount of work this year, and I thank them for their efforts.

In addition, our actions today in M-1 and M-2 provide further transparency regarding Enforcement staff's nonpublic investigations and how staff conducts investigations. I believe our actions today strike the appropriate balance between the need to keep preliminary investigations nonpublic and the need for transparency. In addition, we are clarifying our policy to provide exculpatory evidence to subjects of investigations and respondents in administrative enforcement proceedings. I support these actions because they further the Commission's goal of transparency in enforcement of our rules and statutes."